Professional · Broomfield, CO · Member since 2017 · 10 posts · 0 votes
I nearly have a full process in place for my company to start giving out loans (to be reviewed by a lawyer after I am complete).
1. The one piece I am missing is where do I get the information on a property for annual taxes to plug in to this escrow calculator the wholesaler has? I know on my home I receive an annual tax report but I would have no clue how to find that.
2. Also, I assume I will just get the hazard insurance from the current hazard insurance declarations page, correct?
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
9y
1. Google search "CountyName property taxes." El Paso County, for example.
2. If they are buying a property, they do not yet have an HOI Dec Page. They have Evidence of Insurance. Warning: If your market operates on tight timelines, getting the EOI from the random big-name 1-800 number insurance carrier can be like pulling freaking teeth, and delay things by a week or more. A local insurance agent, it takes literally 30 minutes and an e-mail, instead of a week or more and dealing with fax numbers (!!!). Nudge your clients towards a local, or throw the timeline in the garbage.
The relevant email from me says this:
If closing is delayed because they ignored you, then that's still considered your fault as the lender, just FYI. Actually, just assume it's always your fault if closing is delayed, for any reason, including but not limited to: the seller refusing to sign, the seller dying, the seller not being qualified to sell the home, the appraiser shows up to see a tarp covering the roof held in place by lawn furniture, squatters, the seller being on a boat off the coast of Oregon where no notary can reach them, the escrow officer selected by the seller never picking up the phone or being on vacation with no out of office auto-reply, the agents putting a bunch of Oakland-specific Tenant's Rights stuff in an addendum that the underwriter sees, the appraiser showing up to find the hot water heater submerged by water flooding the basement, etc, etc, etc. Welcome to being a lender. :P